-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, qqDjwP6+V1nljFYZf9UZe1K1nwzIOzhkHLV6dxFKfUb8XS3aWvFRECM7syBeBmOH HlR9CO5jH9uRTLQHir1RJg== 0000859119-95-000036.txt : 199506290000859119-95-000036.hdr.sgml : 19950629 ACCESSION NUMBER: 0000859119-95-000036 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILLINOIS CENTRAL CORP CENTRAL INDEX KEY: 0000859119 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 133545405 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10720 FILM NUMBER: 95550254 BUSINESS ADDRESS: STREET 1: 455 N CITYFRONT PLZ DR STREET 2: 20TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60611-5504 BUSINESS PHONE: 3127557500 MAIL ADDRESS: STREET 1: 455 NORTH CITYFRONT PLAZA DR STREET 2: 455 NORTH CITYFRONT PLAZA DR CITY: CHICAGO STATE: IL ZIP: 60611 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------------- FORM 11-K (X) ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended December 31, 1994 ( ) TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) for the transition period from _____________ to ________________ Commission file number 1-10720 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN 455 North Cityfront Plaza Drive Chicago, Illinois 60611-5504 (Title and Address of the Plan) ILLINOIS CENTRAL CORPORATION 455 North Cityfront Plaza Drive Chicago, Illinois 60611-5504 (Issuer and Address of Principal Executive Offices) SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN Date: June 26, 1995 /s/ Dale W. Phillips Dale W. Phillips Member Administrative Committee 2 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN FORM 11-K Financial Statements and Schedules Years Ended December 31, 1994 and 1993 F-1 ILLINOIS CENTRAL CORPORATION Supplemental Retirement and Savings Plan INDEX TO FINANCIAL STATEMENTS, SCHEDULES AND EXHIBITS Financial Statements and Schedules: Independent Auditors' Report............................. F-3 Statements of Financial Position as of December 31, 1994 and 1993.............................. F-4 to F-5 Statements of Income and Changes in Plan Equity for the years ended December 31, 1994 and 1993.............. F-6 to F-7 Notes to Financial Statements............................ F-8 to F-11 Schedule I - Assets Held For Investment Purposes at December 31, 1994.................................... F-12 Schedule II - Reportable Transactions for the year ended December 31, 1994............................ F-13 Exhibit: Exhibit 23: Independent Auditors' Consent................ E-1 F-2 Independent Auditors' Report The Administrative Committee Illinois Central Corporation Supplemental Retirement and Savings Plan: We have audited the accompanying statements of financial position of Illinois Central Corporation Supplemental Retirement and Savings Plan as of December 31, 1994 and 1993, and the related statements of income and changes in plan equity for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Illinois Central Corporation Supplemental Retirement and Savings Plan as of December 31, 1994 and 1993, and the results of its operations and the changes in its plan equity for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions as of and for the year ended December 31, 1994 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of financial position and the statements of income and changes in plan equity is presented for purposes of additional analysis rather than to present the financial position and results of operations and changes in plan equity of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ KPMG PEAT MARWICK LLP Chicago, Illinois June 16, 1995 F-3 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN STATEMENT OF FINANCIAL POSITION DECEMBER 31, 1994
Investment Funds ---------------------------------------------------------- Ilinois Central New Corp. Perspective Total Stock Fund Fund Diversified Fixed Balanced ----------- ---------- ----------- ---------- ----------- ----------- Assets: Investment at Fair Value $45,933,140 7,435,073 1,615,588 6,587,388 27,800,901 2,494,190 Securities Sold Receivable 123,184 9,011 112,809 1,364 Dividends Receivable 64,496 60,136 4,355 5 Accrued Interest Receivable 98,835 9 3,022 95,804 Contributions Receivable: Employer 24,063 5,376 689 4,840 11,239 1,919 Employee 74,114 15,878 2,275 14,160 35,975 5,826 Cash and Cash Equivalents 876,976 26,466 804,192 45,366 952 ----------- ---------- --------- ---------- ----------- ---------- Total Assets $47,194,808 7,551,949 1,618,552 7,530,766 27,989,285 2,504,256 =========== ========== ========= ========== =========== ========== Liabilities and Plan Equity: Liabilities: Interfund transfers $ 0 1,281 31,674 (32,955) Payable for unsettled trades 105,874 32,499 73,375 Accrued Expenses 25,095 3,783 819 3,747 14,117 2,629 ----------- ---------- ---------- ---------- ---------- --------- Total Liabilities 130,969 37,563 819 77,112 45,791 (30,326) Plan Equity 47,063,839 7,514,386 1,617,733 7,453,644 27,943,494 2,534,582 ----------- ---------- ---------- ---------- ---------- ---------- Total Liabilities and Plan Equity $47,194,808 7,551,949 1,618,552 7,530,766 27,989,285 2,504,256 =========== ========== ========== ========== ========== ==========
See accompanying Notes to Financial Statements. F-4 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN STATEMENT OF FINANCIAL POSITION DECEMBER 31, 1993
Investment Funds --------------------------------------------------------------------------- Illinois Central Corp. Whitman Pet Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced ----------- ---------- ---------- ---------- ----------- ----------- ---------- Assets: Investment at Fair Value $46,967,021 7,224,723 0 0 8,374,628 28,726,162 2,641,508 Dividends Receivable 48,339 42,054 0 0 6,285 0 0 Accrued Interest Receivable 63,552 50 0 0 2,266 61,216 20 Income Receivable (3,750) 0 0 0 (3,750) 0 0 Contributions Receivable: Employer 22,911 4,446 0 0 5,747 10,832 1,886 Employee 68,865 13,043 0 0 17,530 32,431 5,861 Cash and Cash Equivalents 891,573 11 0 0 891,521 41 0 ----------- ---------- ----- ----- ---------- ----------- ---------- Total Assets $48,058,511 7,284,327 0 0 9,294,227 28,830,682 2,649,275 =========== ========== ===== ===== ========= =========== ======== Liabilities and Plan Equity: Liabilities: Distributions Payable to Participants $ 359,075 6,539 0 0 2,637 349,899 0 Accrued Expenses 8,917 1,266 0 0 1,774 5,387 490 Interfund Transfers 0 (9,527) 0 0 3,101 0 6,426 ----------- ---------- ------ ------ ---------- ----------- --------- Total Liabilities 367,992 (1,722) 0 0 7,512 355,286 6,916 Plan Equity 47,690,519 7,286,049 0 0 9,286,715 28,475,396 2,642,359 ----------- ---------- ------ ------ ---------- ----------- --------- Total Liabilities and Plan Equity $48,058,511 7,284,327 0 0 9,294,227 28,830,682 2,649,275 =========== ========== ====== ====== ========== =========== ==========
See accompanying Notes to Financial Statements. F-5 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1994
Investment Funds ------------------------------------------------------------- Illinois Central New Corp. Perspective Total Stock Fund Fund Diversified Fixed Balanced ---------- ---------- ----------- ----------- ----------- ---------- Investment Income: Dividends $ 529,463 196,816 114,504 213,687 4,456 Interest 1,790,871 433 12 46,194 1,744,075 157 Net Realized Gain (Loss) 23,329 50,337 10,792 (64,762) 0 26,962 Net Unrealized Gain (Loss) (2,340,472)(1,149,779) (43,757) (898,872) 0 (248,064) ----------- ---------- ----------- ----------- ---------- ----------- 3,191 (902,193) 81,551 (703,753) 1,748,531 (220,945) ----------- ---------- ----------- ----------- ---------- ----------- Contributions: Participants 1,708,051 340,449 15,247 420,361 772,573 159,421 Employers 894,764 174,807 7,488 215,568 415,442 81,459 Rollover 12,869 5,147 2,574 2,574 2,574 ----------- ---------- ----------- ---------- ----------- ---------- 2,615,684 520,403 25,309 638,503 1,190,589 240,880 ----------- ---------- ----------- ---------- ----------- ---------- Total Additions 2,618,875 (381,790) 106,860 (65,250) 2,939,120 19,935 Less: Participants' Distributions 2,951,501 132,303 226,434 2,327,672 265,092 Administrative Expenses 294,054 26,785 4,344 77,303 153,792 31,830 Interfund Transfers 0 (769,215) (1,515,217) 1,464,084 989,558 (169,210) ----------- ---------- ----------- ---------- ----------- ---------- Total Deductions 3,245,555 (610,127) (1,510,873) 1,767,821 3,471,022 127,712 ----------- ---------- ----------- ---------- ----------- ---------- Net Changes During Period (626,680) 228,337 1,617,733 (1,833,071) (531,902) (107,777) Plan Equity: At December 31, 1993 47,690,519 7,286,049 0 9,286,715 28,475,396 2,642,359 ----------- ---------- ----------- ---------- ----------- ---------- At December 31, 1994 $47,063,839 7,514,386 1,617,733 7,453,644 27,943,494 2,534,582 =========== ========== =========== ========== =========== ==========
See accompanying Notes to Financial Statements. F-6 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1993
Investment Funds ----------------------------------------------------------------------------- Illinois Central Corp. Whitman Pet Total Stock Fund Stock Fund Stock Fund Diversified Fixed Balanced ---------- ----------- ---------- ----------- ----------- ---------- --------- Investment Income: Dividends $ 470,890 112,430 22,989 27,022 308,175 274 Interest 1,937,435 1,440 597 829 51,713 1,859,213 23,643 Net Realized Gain (Loss) (593,445) 12,225 (173,991) (338,753) (360,201) 267,275 Net Unrealized Gain (Loss) 2,743,724 1,897,002 846,722 ----------- ---------- ----------- ----------- ---------- ----------- ---------- 4,558,604 2,023,097 (150,405) (310,902) 846,409 1,859,213 291,192 ----------- ---------- ----------- ----------- ---------- ----------- ---------- Contributions: Participants 1,489,007 239,017 0 0 367,194 752,743 130,053 Employers 937,834 142,254 0 0 228,980 488,048 78,552 Rollover 471,028 336,114 0 0 4,317 7,680 122,917 ----------- ---------- ----------- ----------- ---------- ----------- ---------- 2,897,869 717,385 0 0 600,491 1,248,471 331,522 ----------- ---------- ----------- ----------- ---------- ----------- ---------- Total Additions 7,456,473 2,740,482 (150,405) (310,902) 1,446,900 3,107,684 622,714 Less: Participants' Distributions (4,311,040) (328,646) (454,258) (529,186) (362,138) (2,569,014) (67,798) Administrative Expenses (234,643) (11,669) (2,367) (3,294) (77,155) (107,733) (32,425) Interfund Transfers 0 2,730,279 (3,090,677) (3,786,903) 895,924 2,968,437 282,940 ----------- ---------- ----------- ----------- ---------- ----------- ---------- Total Deductions (4,545,683) 2,389,964 (3,547,302) (4,319,383) 456,631 291,690 182,717 ----------- ---------- ----------- ----------- ---------- ----------- ---------- Net Changes During Period 2,910,790 5,130,446 (3,697,707) (4,630,285) 1,903,531 3,399,374 805,431 Plan Equity: At December 31, 1992 44,779,729 2,155,603 3,697,707 4,630,285 7,383,184 25,076,022 1,836,928 ----------- ---------- ----------- ----------- ---------- ----------- --------- At December 31, 1993 $47,690,519 7,286,049 0 0 9,286,715 28,475,396 2,642,359 =========== ========== =========== =========== ========== ========== =========
See accompanying Notes to Financial Statements. F-7 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 AND 1993 (1) DESCRIPTION OF PLAN The following brief description of the Illinois Central Corporation Supplemental Retirement and Savings Plan (the Plan) provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan's provisions. GENERAL The Plan was established effective January 1, 1989 and replaced the Supplemental Retirement and Savings Plan for Whitman Corporation (Predecessor Plan) for the benefit of eligible employees of Illinois Central Railroad Company (the Company) as a result of Whitman Corporation's spin-off of the common stock of Illinois Central Transportation Company (ICTC) to its shareholders. The Company is the surviving corporation in the merger of ICTC into the Company. The Plan covers all full-time, salaried, non-union employees of the Company. Full-time eligible employees may participate on the first day of the calendar month coinciding with or next following the first day of employment. Part-time eligible employees may participate once they have completed certain employment requirements. A Yardmaster or Dispatcher employed by the Company is only entitled to participate with respect to the Employer Supplemental Contributions. This Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS Participants, except Yardmasters and Dispatchers, may elect to make contributions to the Plan through periodic payroll deductions in amounts ranging from 2% to 15% of each participant's base salary, in 1% increments. The total pre-tax contributions by a participant are limited to the lesser of $9,240 in 1994 and $8,994 in 1993 (subject to adjustments to reflect changes in the cost of living pursuant to Section 402(g) of the Internal Revenue Code) or 15% of the participant's salary during any calendar year. Contributions to the Plan on behalf of the participants are made by the Company in lieu of an equal amount of salary. The Company contributes an amount equal to 50% of each participant's contributions up to the first 6% of salary (a maximum Company contribution of 3% of salary). In addition, the Company makes supplemental contributions of 2% of salary on behalf of all eligible employees of the Company including Yardmasters and Dispatchers, whether they contribute to the Plan or not. F-8 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - CONTINUED INVESTMENT OF CONTRIBUTIONS The Plan permits participants to invest their own contributions, the Company's matching and the supplemental contributions in the following investment funds: the Illinois Central Corporation Stock Fund, the New Perspective Fund, the Diversified Fund, the Fixed Fund and the Balanced Fund. Participants may choose to invest in one or more funds in multiples of 10% upon initial participation. Subsequent changes in funds may be in 1% increments. The New Perspective Fund invests in an investment fund managed by the American Funds Group. The Diversified Fund invests in an investment fund managed by Sirach. The fund is primarily invested in common stocks. The Fixed Fund invests in the LaSalle National Pooled Investment Fund and annuity contracts issued by John Hancock Mutual Life Insurance Company. The Balanced Fund is managed by Equity Capital Management Corporation and invests in the Equitable Investment Fund, which invests in common stocks and other equity-type securities, longer term fixed income securities, publicly traded debt securities and short term money market instruments. Effective March 31, 1991, Whitman Corporation spun-off to its shareholders its subsidiary, Pet, Inc. At that time, the Plan was amended to establish a closed fund to accept Pet shares issued at the time of the spin-off. Participants were not permitted to make additional contributions to this fund nor the Whitman Stock Fund. On July 1, 1993, the Whitman and Pet stock funds were liquidated and participants elected a transfer to any of the other funds. Participants who did not elect a transfer had their Whitman and Pet balances transferred to the Illinois Central Corporation Stock Fund. PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contributions, all of the Company's contributions, and an allocation of earnings and expenses. Allocation of each is based on the participant's account balances at the time of allocation. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. VESTING Participants are immediately vested 100% in the entire amount in their account. F-9 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - CONTINUED PAYMENT OF BENEFITS On termination of service, a participant may elect to receive the value of his or her account in either a lump-sum payment, in annual installments over a period of up to 15 years, or in the form of an immediate or deferred annuity. EXPENSES Administrative expenses for maintenance of Plan financial records, participant statements, service fees on insurance contracts, trustee fees, and accounting fees are paid from Plan assets. All other administrative expenses of the Plan are paid by the Company. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial statements of the Plan are prepared using the accrual method of accounting. Investment are stated at fair value. Quoted market prices are used to value the stock and mutual funds. The fixed income fund is valued at cost plus accumulated interest, which approximates market. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are rfecorded on the ex-dividend date. The Plan considers all highly liquid debt instruments purchased with a maturity of 3 months or less to be cash equivalents. (3) FEDERAL INCOME TAXES The Plan has received a favorable determination letter from the Internal Revenue Service (IRS), dated January 4, 1990, indicating that it is qualified under Section 401(a) of the Internal Revenue Code and therefore the related trust is exempt from tax under Section 501(a) of the Code. The Plan Administrator is not aware of any activity or transactions that may adversely affect the qualified status of the Plan. F-10 ILLINOIS CENTRAL CORPORATION SUPPLEMENTAL RETIREMENT AND SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS - CONTINUED (4) INVESTMENTS Continental Trust Company, Trustee of the Plan, holds the investments for the Illinois Central Corporation Stock Fund and the Diversified Fund. The following table presents the fair values of the Plan's investments. December 31, 1994 December 31, 1993 --------------------- --------------------- Number Fair Number Fair of Shares Value of Shares Value --------- ---------- --------- --------- Investments at Fair Value as Determined by Quoted Market Price: Illinois Central Corporation Stock Fund................... 241,791 $7,435,073 201,386 $7,224,723 Sirach Diversified Fund........ 256,103 6,587,388 271,481 8,374,628 Investments at cost plus accumulated interest, which approximates fair value: LaSalle National Pooled Income Fund.......................... N/A 17,978,935 N/A 19,553,599 John Hancock GAC# 6096........ N/A 9,821,966 N/A 9,172,563 Investments at Fair Value as Determined by Estimated Market Price: Equitable Balanced Fund........ 31,664 2,494,190 30,770 2,641,508 New Perspective Fund........... 112,428 1,615,588 0 0 F-11 SCHEDULE I ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1994 - -------------------------------------------------------------------------- PAR VALUE MARKET ASSET DESCRIPTION /SHARES COST VALUE - -------------------------------------------------------------------------- AFLAC $ 2,400.00 $ 80,900.00 $ 76,800.00 ABBOTT LABS COM 6,000.00 168,500.00 195,750.00 AIRTOUCH COMMUNICATORS INC COM 4,000.00 115,750.00 116,500.00 APPLIED MATLS INC COM 1,000.00 46,375.00 42,250.00 ARCHER DANIELS MIDLAND CO COM 3,000.00 57,000.00 61,875.00 BANK OF BOSTON CORP COM 2,500.00 69,375.00 64,687.50 BLACK & DECKER CORP COM 2,200.00 50,875.00 52,250.00 BRITISH PETE PLC AMERN 800.00 63,300.00 63,900.00 DEPOSITORY SH BROWNING FERRIS INDS INC COM 3,100.00 94,412.50 87,962.50 CAMPBELL SOUP CO COM 1,000.00 44,375.00 44,125.00 CAPITAL CITIES ABC INC COM 1,900.00 152,800.00 161,975.00 CITICORP COM 3,500.00 119,625.00 144,812.50 COLUMBIA HCA HEALTHCARE CORP COM 1,400.00 56,700.00 51,100.00 COMPUTER ASSOC INTL INC COM 2,000.00 67,218.75 97,000.00 CONAGRA INC COM 3,000.00 95,601.00 93,750.00 DSC COMMUNICATIONS CORP COM 2,000.00 68,750.00 71,750.00 DU PONT E I DE NEMOURS CO COM 1,800.00 106,425.00 101,250.00 DURACELL INTL INC COM 1,500.00 63,000.00 65,062.50 FED NATL MTG ASSN COM 1,000.00 77,666.67 72,875.00 FIRST DATA CORP COM 3,000.00 102,550.00 142,125.00 FLUOR CORP COM 1,100.00 55,000.00 47,437.50 GENETECH INC COM REDEEMABLE 2,400.00 119,043.75 108,900.00 GEORGIA GULF CORP COM PAR $.01 1,000.00 37,500.00 38,875.00 GILLETTE CO COM 2,300.00 164,312.50 171.925.00 HEALTH & RETIREMENT PPTYS TR COM 3,800.00 54,625.00 50,825.00 SH BEN INT HEWLETT PACKARD COM COM 600.00 56,250.00 59,925.00 HOME DEPOT INC COM 2,400.00 105,650.00 110,400.00 HUMANA INC COM 6,000.00 117,750.00 135,750.00 INTEL CORP COM 1,000.00 65,750.00 63,875.00 INTERNATIONAL BUSINESS MACHS 2,200.00 143,825.00 161,700.00 CORP COM JOHNSON & JOHNSON COM 2,000.00 110,125.00 109,500.00 LORAL CORP COM 1,500.00 54,868.50 56,812.50 MCDONALDS CORP COM 3,000.00 87,000.00 87,750.00 MERCK & CO INC COM 1,500.00 55,875.00 57,187.50 METHANEX CORP COM 2,500.00 40,937.50 32,500.00 MICROSOFT CORP 1,600.00 66,600.00 97,800.00 MICRON TECHNOLOGY INC COM 1,000.00 38,750.00 44,125.00 MOTOROLA INC COM 2,200.00 121,675.00 127,325.00 MYLAN LABS COM 2,000.00 59,000.00 54,000.00 NEWELL CO COM 2,000.00 45,750.00 42,000.00 ORACLE SYS CORP COM 1,500.00 67,312.50 66,187.50 PENNEY J C INC COM 2,500.00 103,293.75 111,562.50 PFIZER INC COM 700.00 52,850.00 54,075.00 POTASH CORP SASK INC COM 1,500.00 56,812.50 51,000.00 PRAXAIR INC COM 2,800.00 56,700.00 57,400.00 PRICE/COSTCO INC COM 5,000.00 92,750.00 64,375.00 PROCTER & GAMBLE CO COM 1,800.00 102,487.50 111,600.00 REEBOK INTL LTD COM 2,200.00 86,468.00 86,900.00 REGIS FD INC SPL EQUITY 122,013.32 1,980,950.51 1,802,136.83 PORTFOLIO SCHERING PLOUGH CORP COM 1,800.00 120,246.43 133,200.00 STANDARD FED BK TROY MICH COM 4,000.00 94,000.00 95,500.00 UNION CARBIDE CORP COM 3,800.00 111,778.50 111,625.00 VODAFONE GROUP PLC SPONSORED ADR 4,800.00 134,698.70 161,400.00 WASHINGTON FEDERAL SVGS COM 6,490.00 150,100.00 112,763.75 WASHINGTON MUT INC COM 6,000.00 128,050.00 101,250.00 ------------- ------------- TOTAL EQUITIES / SIRACH 6,639,984.56 6,587,388.08 AMERCN FUNDS/NEW PERSPECTIVE FND 112,427.80 1,659,344.16 1,615,587.57 EQUITABLE FDS BALANCED FUND 31,664.00 2,227,171.82 2,494,190.14 JOHN HANCOCK GAC #6096 9,821,965.87 9,821,965.87 9,821,965.87 LASALLE NATL POOLED INCOME 17,978,935.25 17,978,935.25 17,978,935.25 PLUS FUND ILLINOIS CENTRAL CORP 241,791.00 6,220,422.86 7,435,073.25 COMMON ------------- ------------- 37,907,839.96 39,345,752.08 TOTAL INVESTMENTS 44,547,824.52 45,933,140.16 TEMPORARY CASH INVESTMENTS 876,974.96 876,974.96 ------------- ------------- $45,424,799.48 $46,810,115.12 ============== ============= See accompanying independent auditors' report. F-12 SCHEDULE II REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994 Series of Transactions - --------------------------------------------------------------------------------------- SALE/PURCHASE NET GAIN/ SECURITY DESCRIPTION PRICE EXPENSES COST LOSS CURRENT VALUE - --------------------------------------------------------------------------------------- SALES - ----- CONTINENTAL SHORT-TERM INVESTMENT FUND 12,211,069 0.00 12,211,069 0.00 12,211,069 LASALLE NATIONAL POOLED INCOME PLUS 4,518,208 0.00 4,518,208 0.00 4,518,208 PURCHASES - --------- CONTINENTAL SHORT-TERM INVESTMENT FUND 12,193,021 0.00 12,193,021 0.00 12,193,021 LASALLE NATIONAL POOLED INCOME PLUS 2,943,544 0.00 2,943,544 0.00 2,943,544
See accompanying independent auditors' report. F-13 Exhibit 23 ---------- Independent Auditors' Consent The Board of Directors Illinois Central Corporation: We consent to incorporation by reference in Registration Statement No. 33-36765 on Form S-8 of Illinois Central Corporation of our report dated June 16, 1995, relating to the statements of financial condition of Illinois Central Corporation Supplemental Retirement and Savings Plan as of December 31, 1994 and 1993, and the related statements of income and changes in plan equity for the years then ended, which report appears in the December 31, 1994 annual report on Form 11-K of Illinois Central Corporation Supplemental Retirement and Savings Plan. /s/ KPMG Peat Marwick LLP Chicago, Illinois June 26, 1995 E-1
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